Saskatoon, SK, January 20, 2006 -- Titan Uranium Incorporated (TSXV: TUE) is pleased to announce that it has increased its previously announced private placement from $2,000,000 to $2,600,000.
The private placement now consists of the issuance of up to 1,625,000 units (the "Units") at a price of C$1.60 per Unit. Each Unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share for a period of one year at a price of C$2.00 per common share.
Of the placements, C$600,000 will be non-brokered and C$2,000,000 will be brokered through Canaccord Capital Corporation.
The agents for the brokered private placement will receive a cash commission of 8% of the gross proceeds raised under the brokered private placement and broker warrants entitling the agents to purchase up to 10% of the number of common shares sold under the brokered private placement at a price of C$1.75 per common share for a period of one year. In addition, Titan will pay Canaccord as broker a corporate finance fee of $5,000, 10,000 shares and 30,000 units, with each unit consisting of one common share and one-half of one warrant, with each whole warrant entitling the holder to purchase one additional common share for a period of one year at a price of C$1.75 per common share.
A finders fee in cash and / or securities may be payable in respect of the non-brokered private placement.
In accordance with securities legislation, the shares and warrants issued under the private placements will be subject to a "hold period" of four months and one day from the date of issuance of such securities.
The completion of the private placement is subject to the approval of the TSX Venture Exchange.
The net proceeds of this private placement will be used for working capital purposes and to fund Titan's exploration program on its Athabasca and Nunavut properties.
ON BEHALF OF TITAN URANIUM INC.
"Philip Olson", President
For further information contact: Arni Johannson
Second Floor, 157 Chadwick Court,
North Vancouver, British Columbia
Canada V7M 3K2
Telephone: (604) 988-4824
Facsimile: (604) 988-5327
www.u3o8.ca
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-Looking Statements:
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Titan's periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Titan does not assume the obligation to update any forward-looking statement. |
